One of the top influencer marketing trends for 2022 is that Gen Z and Millennials expect brands to be authentic and transparent. However, unlike the TikTok feta pasta trend that left as quickly as it came, consumers’ demand for authenticity is here to stay. To meet this need, it’s important that brands adopt the right approach and style when trying to connect with their target audience. In this article, we’ll discuss the benefits of using peer-to-peer (P2P) marketing tactics compared to brand-to-peer (B2P) tactics. More specifically, we’ll take you through why Gen Z and Millennials favour P2P, the benefits of this marketing tactic, and how brands can make the most of P2P via influencer marketing.
What is the difference between brand-to-peer and peer-to-peer marketing?
B2P is effectively another way of saying business-to-consumer (B2C). These marketing activities are constructed in-house, or by an agency on behalf of a brand, to communicate a service or product’s benefits to its target audience. Brand-generated content is usually found on traditional platforms like TV and outdoor advertising, or digitally on a brand’s social channels.
P2P marketing, by contrast, takes place when a consumer advocates for a product or service to their peers. This method goes hand-in-hand with word-of-mouth marketing, the age-old tradition of recommending products to friends and family.
Despite P2P’s timeworn origins, marketers tend to think of B2P as the more traditional form of marketing. In reality, peer-to-peer marketing is the true original. After all, we’ve been turning to friends and family for advice long before modern marketing began.
How do today’s consumers feel about P2P marketing?
B2P and P2P marketing styles have a marked difference in their reception by consumers. Today’s consumers are a cynical bunch and are very hesitant to engage with commercial messages. This is especially the case for younger generations, who would rather receive product recommendations from a trusted friend or family member than the brand itself.
Consumers’ trust in P2P communication is supported by the numbers. Whereas only 15% of consumers trust content created by companies, 55% trust user-generated content (UGC). Further strengthening the case for P2P is the fact that almost 80% of all the purchases we make are influenced by friends, family members and other peers. You can see even more figures in support of P2P in the above graphic. It all comes down to trust!
Despite consumers’ strong preference for P2P communications, brands continue to prioritise B2P activities in their budgets. This traditional approach may feel like a safe choice, when in reality, failing to account for changes in consumer behaviour puts the entire brand at risk. As we touched upon in the opening of this blog, young shoppers demand transparency and authenticity. This can be delivered much more efficiently if communicated by somebody that genuinely loves your products instead of the brand itself.